Serial Florida basher and withering print publication Time Magazine says South Florida foreclosure buyers are celebrating their bargains and increasingly waking up the next morning with unanticipated property tax hangovers. Picking up a $400,000 home for $100,000 at auction sounds great until you realize that insolvent local governments are going to keep your taxable value at or near $400,000. Since fire-sale purchases now account for 40% of home sales in Florida, realtors fear uncompromising county appraisers could scare away the diminished pool of interested buyers.
Wednesday, July 1, 2009
Oh Those "Wacky" Property Taxes
Serial Florida basher and withering print publication Time Magazine says South Florida foreclosure buyers are celebrating their bargains and increasingly waking up the next morning with unanticipated property tax hangovers. Picking up a $400,000 home for $100,000 at auction sounds great until you realize that insolvent local governments are going to keep your taxable value at or near $400,000. Since fire-sale purchases now account for 40% of home sales in Florida, realtors fear uncompromising county appraisers could scare away the diminished pool of interested buyers.
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